Lebanon Holdings releases 2000 performance
According to its managers, Lebanon Invest Asset Management in Beirut and Blakeney Management in London, locally listed fund Lebanon Holdings made no changes to the composition of its portfolio during the last quarter of 2000. The managers revealed that the listed bank shares “show good value at current low valuations despite the slowdown in earnings growth across the banking sector this year”.
They also added that the investments in Societe des Grands Hotels du Liban (SGHL), Societe National d’Assurances (SNA), and First National Bank are maturing satisfactorily and are all expected to improve profitability levels in 2001. The management statement reiterated that the fund is still only 75 percent invested due to the slow flow of transactions during the past few years. The fund is actively searching for new investment opportunities in Lebanon, and is expected to participate in a small number of high quality transactions in 2001.
Lebanon Holdings disclosed the following figures, showing a 5.91 percent decline in the value of its portfolio for the first 11 months of 2000, compared to an 18 percent year-to-date drop in Lebanon stock market index. — ( Lebanon Invest )
© 2001 Mena Report (www.menareport.com)